Digital Forensics Market

Digital Forensics Market Size & Growth (2021 - 2026)

The global digital forensics market size is to grow from US$ 4.15 Billion in 2017 to US$ 9.68 Billion by 2025, expanding with a CAGR of 15.9% over the forecast period. Digital forensics collects, identifies, extracts and analyzes the digital data available on computers, laptops, mobile phone, hard drives, floppy disks and optical discs. These solutions have become an integral part of criminal and civil court cases and private enterprises as they reduce employee theft in sectors like banking, defense and others. 

The drastic increase in market growth is mainly due to the increased use of IoT devices that require a digital forensics solution. The government and many industries are willing to invest in this new solution are due to the high risk of crime and loss of confidential information. 

Drivers:

The increasing demand for using electronics congaing internet of things is massively driving the digital forensics market. As IoT interconnects devices omnipresent communications and connections between them leads to the widespread use of them in several areas which would hold private and confidential information. This results in an increasing number of cybercrime attacks.

Restraints:

The major restraint in this market is the lack of preplanning among the enterprises, which could lead to serious setbacks. Most of them do not insure their data until it has been corrupted. This not only would lead to a huge loss of data but will also lead to the loss of privacy and business as a whole.  Another setback to the global digital forensics market is the lack of specialized skills which leads to a high level of encryption due to the increased use of IoT Device, which hampers the growth of the market.

Recent Developments:

In 2018, Kroll launched a new product in the cyber risk platform called New Kroll Cyber Risk Rank ER for the insurance industry. This is an online operated solution that helps the business measure the company’s cyber risk and accordingly design the insurance. This new solution helps businesses in different industries as well as brokers and underwriters in the insurance industry.

DIGITAL FORENSICS MARKET REPORT COVERAGE:

Digital Forensics Market Segmentation:

Digital Forensics Market By Component:

The global digital forensics market by component is divided into three types, namely hardware, software and services. The hardware and software segments are expected to be the market leaders during the forecast period with the highest CAGR. These help strategize detecting and analyze critical data.

Digital Forensics Market By Hardware:

The global market is separated as forensic systems, forensic devices, forensic write blockers, cables, adapters, hardware enclosures, batteries, and storage devices.

Digital Forensics Market By Services:

The digital forensics market is divided into professional (digital investigation and consulting, incident response, system integration, training and education, and support and maintenance) and managed services.

Digital Forensics Market By Type:

The digital forensics market by type has been segmented into computer forensics, network forensics, mobile device forensics, cloud forensics, and endpoint forensics.

The computer forensics segment is estimated to be the market leader during the forecast period. It is capable of recovering hardware and software data which is encrypted, deleted and password protected. Due to the government agencies and regulators are investing in it.

Network forensics is likely to hold a significant share in the digital forensics market in future. It captures records and analyzes the network packets to identify the main source of network security attacks. The goal of network forensics is to collect evidence to control the increasing number of attacks on the World Wide Web. 

Digital Forensics Market By Tool:

The global digital forensics market by tool helps investigate the data stored in digital devices to examine the suspects’ data to use it as digital evidence in the court. The tool is divided into forensic data analysis, data acquisition and preservation, data recovery, review and reporting, forensic decryption, file viewer, registry analysis tools and email analysis. The cloud forensics is estimated to be the market leader during the outlook period with a fast-growing CAGR of 13.3%. These tools are increasingly being used to resolve issues related to cyber threat in enterprises.

Digital Forensics Market By End-User:

The Digital Forensics Market by end-user is divided into government and law enforcement agencies, banking, financial services and insurance (BFSI), telecom and information and technology (IT), retail, healthcare, media and entertainment, manufacturing, energy and utilities, transportation and logistics, education and aerospace. The BFSI sector is foreseen to be the market leader over the evaluated years as it helps identify a wide number of financial frauds and control the rising demand to investigate these frauds globally. 

Regional Analysis:

North America is estimated to be the market leader of digital forensics market by region over the forecast period. This is due to the increased willingness to adapt to digital forensics in the region. North America has been the home for many key players of digital forensics over the years. The demand for this market in the region is rapidly increasing due to the increase in rapid penetration of devices such as laptops, smartphones, and USBs which lead to cyber-attacks. Moreover, due to the increase in cybercrime rate governments and law enforcement in this region are taking initiatives and investing in developing digital forensics.

Even though North America is the market leader, in the following years, the Asia Pacific is likely to grow exponentially. The region is rapidly adapting to digital forensics to improve and enhance the efficiency and modernization of different industries such as healthcare, retail, and enterprise. APAC is the home for manufacturing electronic devices over the years and due to this the government and private sectors are focusing on developing the digital forensics in the region.

Key Players:

International Business Machines (IBM) Corporation (United States), Binary Intelligence LLC (United States), Fire Eye Inc. (United States), Access Data Group LLC (United States), Kroll Ontrack Inc. (United States), Cellebrite (Israel), MSAB (Sweden), OpenText (Canada), Oxygen Forensics (United States), ADF Solutions (United States), Digital Detective (United States), LogRhyhm (United States), Magnet Forensics (Canada), Paraben (United States), And Nuix (Australia).